Negotiated cash fed cattle prices began to take shape through Thursday afternoon. Live prices in the Southern Plains were steady at $124/cwt. Although too few to trend, early dressed prices up north were steady to $2 lower at $198-$200, based on USDA reports.
Although backing away from session lows, reduced momentum in the cash market helped push Cattle futures lower, as did likely selling and profit taking by those who provided fuel ahead of the phase-one trade agreement between the U.S. and China. That and Senate ratification of the U.S.-Mexico-Canada Agreement (USMCA), which replaces the North American Free Trade Agreement hold plenty of promise, but plenty of questions remain.
Live Cattle futures close an average of 51¢ lower.
Feeder Cattle futures closed unchanged to an average of 27¢ lower through the front five contracts and then an average of 6¢ higher.
Wholesale beef values were firm to higher on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 37¢ higher Thursday afternoon at $212.90/cwt. Select was $1.80 higher at $211.47.
Corn futures closed 11¢ to 12¢ lower in the front three contracts and then mostly 5¢ to 7¢ lower.
Soybean futures closed 1¢ to 4¢ lower through Sep ’21 and then mostly 1¢ higher.